A Man for All Markets by Edward O Thorp: 9780812979909

His career spanned from being a University professor, to figuring out ways to beat casino games such as blackjack and roulette (via the first wearable computer!), to devising investing methods such as statistical arbitrage to beat the market. I was struck reading this book by how much it reminded me of „Surely You’re Joking, My. Feynman!“ (and Richard Feynman does appear briefly here) in the best way. It’s a reminder that being curious https://www.bing.com/search?q=retained+earnings+equation&qs=n&form=QBLH&sp=-1&pq=retained+earnings+equation&sc=8-26&sk=&cvid=4EEF43B458E14D41A5355AB270333EAD about the world can lead to a very fulfilling, fun life. The first half of the book was an utterly fascinating autobiography recalling the early years of the author’s childhood life and how he got interested in mathematics. His curiosity led him to key discoveries in how to beat the dealer in blackjack and other games of chance, and eventually led him down the path to make key discoveries to arbitrage the markets in finance.

Throughout, it is interesting to see his decision making process simplified by his honesty, and his understanding of the things more valuable than money. The journey of his discoveries is fascinating and often entertaining. He (and his late wife) had a lot of interesting observations on human behavior. Intelligent risk takers (gamblers/investors) will enjoy this, but the person that needs to read this the most is the upper-middle (or upper) class person that has money, but has no plan. And once you have money and time in abundance, what is meaningful?

I read Thorp’s book about playing blackjack, Beat the Dealer, in the early sixties, and tried card counting in Las Vegas. However, I admired his approach to problem solving and I’m glad he wrote this book, which reviews his career, not only beating gambling games but also the financial markets. There is lots of good information for investors in the book and everyone who is investing for retirement or anything else should read this book or others like it. Thorp was on to Bernie Madoff’s Ponzi scheme long before his house of cards collapsed. Unfortunately, very few people believed that Madoff was scamming them until it all went bust.

In a remarkable career, Thorp attracted the attention of the legendary Warren Buffet, detected the Bernie Madoff scheme, invented the world’s first wearable computer and amassed a significant personal fortune. His next stop was Wall Street, where he used statistical techniques to identify and exploit pricing anomalies in the securities markets, ushering in a stock market https://forexarena.net/ revolution and becoming one of the first of the great quantitative investors. In a remarkable career, Thorp attracted the attention of the legendary Warren Buffett, detected the Bernie Madoff scheme, invented the world’s first wearable computer and amassed a significant personal fortune. Edward O. Thorp is one of the smartest, and most curious men I have ever read about.

An intellectual thrill ride, replete with practical wisdom that can guide us all in uncertain financial waters, Review Time Series Analysis is an instant classic–a book that challenges its readers to think logically about a seemingly irrational world. Edward O. Thorp is the author of the bestseller Beat the Dealer, which transformed the game of blackjack. His subsequent book, Beat the Market, co-authored with Sheen T. Kassouf, influenced securities markets around the globe. Thorp is one of the world’s best blackjack players and investors, and his hedge funds were profitable every year for twenty-nine years.

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Conventional wisdom in the 1950s held that it is impossible for players to gain a consistent edge in games such as blackjack, baccarat and roulette. Driven by an innate sense of curiosity and powered by raw intellect, combined with some help from early computer technology, Ed Thorp demonstrated that players could gain an edge in blackjack through straight forward card counting methods.

A Man For All Markets

The 3-star rating is the end result of a 5-star start that sputtered to the finish. Here, for the first time, Thorp tells the story of what he did, how he did it, his passions and motivations, and the curiosity that has always driven him to disregard conventional wisdom and devise game-changing solutions to seemingly insoluble problems. An intellectual thrill ride, replete with practical wisdom that can guide us all in uncertain financial waters, https://www.investopedia.com/terms/r/retainedearnings.asp is an instant classic-a book that challenges its readers to think logically about a seemingly irrational world. An intellectual thrill ride, replete with practical wisdom that can guide us all in uncertain financial waters, A Man for All Markets is an instant classic—a book that challenges its readers to think logically about a seemingly irrational world.

• Driven by an innate sense of curiosity and powered by raw intellect, combined with some help from early computer technology, Ed Thorp demonstrated that players could gain an edge in blackjack through straight forward card counting methods.
• Conventional wisdom in the 1950s held that it is impossible for players to gain a consistent edge in games such as blackjack, baccarat and roulette.
• I read Thorp’s book about playing blackjack, Beat the Dealer, in the early sixties, and tried card counting in Las Vegas.
• An intellectual thrill ride, replete with practical wisdom, A Man for All Markets is a scarcely imaginable tale of ludicrous success.
• Now he shares his incredible life story for the first time, revealing how he made his fortune and giving advice to the next generation of investors.

Reader Q&A

While I enjoyed the mathematical subjects, the careful thought into the big picture in life (the last 20% of the book) was ultimately more meaningful. The last quarter of the book focuses on Thorp’s views regarding modern finance and investing. He also holds strong views on how to size risk effectively via a Kelly criterion — a core concept for traders, if not necessarily for money managers. Now Thorp shares his incredible life story for the first time, revealing how he made his money and giving advice to the next generation of investors. An intellectual thrill ride, replete with practical wisdom, https://pl.wikipedia.org/wiki/Z%C5%82oty reveals the power of logic in a seemingly irrational world.

From Las Vegas to Wall Street, How I Beat the Dealer and the Market

Thorp is one of the world’s best blackjack players and investors, and his hedge funds were profitable every year for twenty-nine years. He gives detailed yet accessible descriptions of many of the fundamental concepts of math, finance, education etc which helped him beat the dealer and the financial markets. But that was a fraction of the book, and mostly this was a very valuable and enjoyable experience. Ed Thorp is one the greatest applied mathematicians of our time, and this volume takes you from his exploits as a two year old, through his exploration of Roulette and Blackjack, and finishes with his forays into hedging/investing.

Books by Edward O. Thorp

Now he shares his incredible life story for the first time, revealing how he made his fortune and giving advice to the next generation of investors. An intellectual thrill ride, replete with practical wisdom, https://forexarena.net/the-complete-turtletrader/ is a scarcely imaginable tale of ludicrous success.

However, that material only provided enough for half of a book so the latter half is stuffed with his observations and views on markets, hedge funds, wealth, personal finance, etc. While somewhat interesting, none of this material is original and can be discovered in greater detail in any number of finance/business books.

Thorp also gives an understandable explanation of why the financial markets collapsed in the first decade of the twenty-first century, and tells why something like this can keep happening. Few people have as good a grasp of financial issues as he does, and for that reason alone this is a valuable book. Edward O. Thorp rose up from nothing to become a professor at MIT, invented card counting and proceeded to beat the dealers of Las Vegas at blackjack, roulette and baccarat. Having brushed shoulders with casino mobsters and survived, he shared his secrets with the world, launching a gambling renaissance. His next stop was Wall Street, where he used statistical techniques to identify and exploit pricing anomalies in the securities markets, ushering in a stock market revolution and becoming the first of the great quantitative investors.